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Just found out my old company went through a 3rd round of layoffs...

post #1 of 17
9/2/09 at 7:47pm
Thread Starter 
At this point, it's pretty much just the skeleton staff left to make sure the business operates and survives.. Just insane. I think over 60% were laid off at this point... Not sure what my point was other than this economy is absolutely insane...
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post #2 of 17
9/2/09 at 7:56pm
What kind of company?
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post #3 of 17
9/2/09 at 8:11pm
Thread Starter 
finance/investments
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post #4 of 17
9/3/09 at 12:22am
And all you hear from the media is that the economy "is recovering." Yeah, right!
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post #5 of 17
9/3/09 at 1:26am
My brother is going through the same ordeal Flam. He works at BJ Services in a lab and has seen nearly all of his support staff leave in the past year or so. From the beginning, they have promised him a job through it all. This was with the old management, but they were just bought out. It actually looks like it will work out though, Baker Hughes isnt very strong in the departments BJS is
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post #6 of 17
9/3/09 at 1:28am
Quote:
Originally Posted by Flambeur View Post
At this point, it's pretty much just the skeleton staff left to make sure the business operates and survives.. Just insane. I think over 60% were laid off at this point... Not sure what my point was other than this economy is absolutely insane...
My old group is at least in the 90% range. If you count all the banks we merged with and subsequently liquidated its probably closer to 95-99%. Needless to say I'm glad to have moved on.
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post #7 of 17
9/3/09 at 1:34am
Quote:
Originally Posted by phreak View Post
My brother is going through the same ordeal Flam. He works at BJ Services in a lab and has seen nearly all of his support staff leave in the past year or so. From the beginning, they have promised him a job through it all. This was with the old management, but they were just bought out.

It actually looks like it will work out though, Baker Hughes isnt very strong in the departments BJS is



Flambeur: with enough people in the streets it's time for a "girls of company X" Penthouse special.
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post #8 of 17
9/3/09 at 1:36am
In the last year, the company my father works for has had to:
Cut everyone's pay by 10%
Lay off 40% of employees
Drastically cut back operations (due to lack of workforce to keep it running)
Discontinue the company match on 401(k) contributions
and just this week, decided to only pay 10% of the employees health insurance instead of the usual 66-75%. Basically tripling what each individual employee pays for their health insurance.
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post #9 of 17
9/3/09 at 12:15pm
Thread Starter 
Quote:
Originally Posted by Fuuma View Post


Flambeur: with enough people in the streets it's time for a "girls of company X" Penthouse special.


I could have sworn there was a chicks of wall street or bear stearns babes special in playboy when shit went downhill last year...
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post #10 of 17
9/3/09 at 12:23pm
Quote:
Originally Posted by Flambeur View Post
I could have sworn there was a chicks of wall street or bear stearns babes special in playboy when shit went downhill last year...

Enron had one...
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post #11 of 17
9/3/09 at 1:00pm
Quote:
Originally Posted by kwilkinson View Post
In the last year, the company my father works for has had to:
Cut everyone's pay by 10%
Lay off 40% of employees
Drastically cut back operations (due to lack of workforce to keep it running)
Discontinue the company match on 401(k) contributions
and just this week, decided to only pay 10% of the employees health insurance instead of the usual 66-75%. Basically tripling what each individual employee pays for their health insurance.

That is terribly drastic. Was this a manufacturing company?
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post #12 of 17
9/3/09 at 2:57pm
Quote:
Originally Posted by kwilkinson View Post
In the last year, the company my father works for has had to:
Cut everyone's pay by 10%
Lay off 40% of employees
Drastically cut back operations (due to lack of workforce to keep it running)
Discontinue the company match on 401(k) contributions
and just this week, decided to only pay 10% of the employees health insurance instead of the usual 66-75%. Basically tripling what each individual employee pays for their health insurance.

this is absolutely terrible
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post #13 of 17
9/3/09 at 3:03pm
These are challenging times for so many people. As your story indicates, it is getting worse, not better.

Add to that the number of people who have been out of work so long that their benefits are starting to run out.

In past recessions this was usually more industry specific or regional. Now, just about everyone continues to be feeling it.

Hang in there and good luck.
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post #14 of 17
9/3/09 at 10:59pm
Quote:

before working at BJ, he worked for The Trophy Case
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post #15 of 17
9/3/09 at 11:13pm
Quote:
Originally Posted by mintyfresh View Post
That is terribly drastic. Was this a manufacturing company?

Quote:
Originally Posted by sho'nuff View Post
this is absolutely terrible

It's a mid-sized national trucking company. They mostly move building materials, so the recession has hurt them even more, since noone is building anything. Luckily, they also do a lot of shipping for Caterpillar, which is having a lot of success building generators for infrastructure in third-world countries right now, so they are getting SOME business. My father actually took a 20% paycut as the VP and the President/Owner took a 25% paycut. Rough times indeed. But my Dad keeps saying that it's better than the alternative. He's still getting a paycheck every two weeks, unlike a lot of people we all know. The paycheck may be smaller than it was a year ago, but it's still there.
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